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Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock Option Activity
The following table summarizes stock option activity under our share-based plans for the year ended December 31, 2018:

 
 
Shares
 
Weighted Average
Exercise Price
 
Weighted Average
Remaining
Contractual Term
(Years)
 
Aggregate
Intrinsic Value
Balance at December 31, 2017
 
2,287,399

 
$
39.67

 
 
 
 
Granted
 
85,375

 
138.03

 
 
 
 

Less: Exercised
 
491,448

 
23.97

 
 
 
 

           Forfeited
 
2,175

 
84.32

 
 
 
 

Balance at December 31, 2018
 
1,879,151

 
$
48.19

 
3.76
 
$
188,773,097

 
 
 
 
 
 
 
 
 
Exercisable at December 31, 2018
 
1,358,874

 
$
31.52

 
2.45
 
$
159,166,141

Stock options outstanding and exercisable by exercise price range
The following table presents information about stock options outstanding and exercisable at December 31, 2018:

 
 
Outstanding
Stock Options
 
Exercisable
Stock Options
Range of Exercise Prices
 
Shares
 
Weighted Average
Remaining
Contractual Term
(Years)
 
Weighted Average Exercise Price
 
Shares
 
Weighted Average Exercise Price
$ 18.44 to $ 24.50
 
817,077

 
1.33
 
$
21.42

 
817,077

 
$
21.42

$ 24.51 to $ 69.85
 
719,599

 
4.51
 
51.06

 
541,797

 
46.75

$ 69.86 to $ 138.11
 
342,475

 
7.96
 
106.05

 

 

 
 
1,879,151

 
3.76
 
$
48.19

 
1,358,874

 
$
31.52

Summary of cash proceeds and tax benefits realized from stock option exercise.
The following table summarizes the cash proceeds and tax benefits realized from the exercise of stock options:

 
 
Year Ended December 31,
(in thousands, except share amounts)
 
2018
 
2017
 
2016
Options exercised
 
491,448

 
364,984

 
343,237

Cash proceeds
 
$
11,779

 
$
9,809

 
$
10,340

Intrinsic value of options exercised
 
$
61,469

 
$
33,302

 
$
21,094

Tax benefits realized
 
$
15,367

 
$
12,809

 
$
7,891

Summary of assumptions for estimated fair value of employee stock option awards at grant date
We estimated the fair value of employee stock option awards at the grant date based on the assumptions summarized in the following table:
 
 
 
Year Ended December 31,
(Weighted average)
 
2018
 
2017
 
2016
Expected volatility
 
23.7
%
 
 
26.6
%
 
 
29.7
%
 
Expected term
 
7.3

years
 
7.3

years
 
7.1

years
Risk-free interest rate
 
2.87
%
 
 
2.44
%
 
 
1.75
%
 
Expected dividend yield
 
1.5
%
 
 
1.5
%
 
 
1.5
%
 
Grant date fair value
 
$
35.71

 
 
$
32.00

 
 
$
22.86

 
Summary of restricted share actvity
The table below presents restricted stock awards activity under our share-based plans for the year ended December 31, 2018:

 
 
Shares
 
Weighted Average
Grant Date Fair Value
Balance unvested at December 31, 2017
 
297,524

 
$
83.36

Granted (at market price) (1)
 
80,598

 
138.25

Less: Vested
 
68,149

 
64.78

Forfeited
 
2,200

 
77.89

Balance unvested at December 31, 2018
 
307,773

 
$
101.93

Total restricted stock awards that vested for the past three years and related fair value
The table below presents the total number of restricted stock awards that vested for the past three years and the related fair value of those awards (in thousands, except share amounts):

 
 
2018
 
2017
 
2016
Restricted stock awards - shares vested
 
68,149

 
79,224

 
95,420

Fair value of restricted stock awards vested
 
$
9,642

 
$
9,260

 
$
7,960

Number of shares purchased by employees under the employee stock purchase plan
For the two six month offering periods in 2018 and 2017, and the one six month offering period in 2016, our employees purchased the following aggregate number of shares:

2018
 
2017
 
2016
15,966

 
16,610

 
8,649

Restricted [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of share-based compensation expense and recognized tax benefits [Table Text Block]
The following table presents the total share-based compensation expense for restricted stock awards for the past three years (in thousands):

 
 
2018
 
2017
 
2016
Restricted stock awards share-based compensation expense
 
$
9,151

 
$
8,547

 
$
5,993

Options [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of share-based compensation expense and recognized tax benefits [Table Text Block]
The following table presents the total share-based compensation expense for stock option awards for the past three years (in thousands):

 
 
2018
 
2017
 
2016
Option grants share-based compensation expense
 
$
3,218

 
$
3,553

 
$
3,735

Option grants share-based compensation tax benefits
 
805

 
888

 
1,409